Canadian pension fund manager the Caisse de dépôt et placement du Québec has bought 12.07% of subordinate voting shares of Manac Inc, following the Saint-Georges-de-Beauce, Québec-based company’s closing of an initial public offering in September. Manac, a manufacturer of vans, flatbeds and specialty trailers, expects to raise gross proceeds of up to $42 million. The company is currently a portfolio investment of U.S. private equity firm American Industrial Partners, which acquired a 50% interest in 2012.
The Caisse de dépôt et placement du Québec acquires subordinate voting shares of Manac Inc.
MONTREAL, Oct. 1, 2013 /CNW Telbec/ – On September 27, 2013, Manac Inc. (the “Company”) [TSX: MA] announced the closing of its initial public offering (“IPO”) with a bought-deal placement of 4,761,905 subordinate voting shares. As part of the IPO, the Caisse de dépôt et placement du Québec (the “Caisse”) acquired 575,000 subordinate voting shares at a price of $8.40 per share, representing 12.07% of the Company’s outstanding subordinate voting shares.
Manac is a company located in Saint-Georges-de-Beauce, Québec and designs, manufactures and distributes trailers for moving merchandise. In addition to having a strong presence in Québec, Manac is active in Ontario and the United States.
The Caisse may increase or decrease its interest in the Company based on market conditions or other relevant factors.
This news release is issued in accordance with the early warning requirements stipulated by securities regulation, which require that investors, including the Caisse, issue and file a news release and a report, when they acquire beneficial ownership of securities with voting rights that would represent, with the securities they already hold, 10% or more of the outstanding shares of the class.
In accordance with the Early Warning System, a copy of this news release and the report will be filed with the applicable Canadian Securities Administrators and will be available on SEDAR’s website (www.sedar.com) and from the person referred to below.
SOURCE Caisse de dépôt et placement du Québec
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